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10 sats \ 2 replies \ @kepford 8 Oct \ on: Unpopular Opinion: For Bitcoin to survive it needs to be Money not just NgU bitcoin
This is unpopular? Maybe on Bitcoin Twitter.
I mean I remember reading "The Bullish Case for Bitcoin" and one point that book makes is that bitcoin will go through phases. In the US and most of the west the bigger problem for most people is store of value. Not medium of exchange/unit of account(money). I mean those of us here get that bitcoin should be the generally accepted medium of exchange. We get the problems with fiat. Most people don't. Its a lot more complex to understand than simple savings tools.
Makes sense to me at least. I agree with you though. Bitcoin will need to become money in the economic sense of the word for it to truly fulfill its potential. I believe it will. But it may take a long time. I doubt it will in the next 10-15 years. Might not in my lifetime. Bitcoiners like to over-estimate the weakness of fiat, specifically the US dollar. It is weakening but is no where near collapse.
I don't think fiat has to collapse. And I don't think it will. However I do think it will co-exist alongside Bitcoin.
Just like you can use the post office or private industries to mail a package...
You should be able to pay and be paid in fiat or Bitcoin. Government vs private sector/non-government you should be able to choose.
I don't know why more people don't see that. Maybe we're just 'really early' in this long process I don't know.